A firm is expected to pay a dividend of $1.85 next year and $2.00 the following year. Financial analysts believe the stock will be at their price target of $65 in two years.

Compute the value of this stock with a required return of 11.8 percent. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Campbell Soup Co. (CPB) paid a $0.772 dividend per share in 2003, which grew to $0.97 in 2006. This growth is expected to continue. What is the value of this stock at the beginning of 2007 when the required return is 9.4 percent? (Round the growth rate, g, to 4 decimal places. Round your final answer to 2 decimal places.)

Consider a firm that had been priced using a 10 percent growth rate and a 12 percent required return. The firm recently paid a $1.95 dividend. The firm just announced that because of a new joint venture, it will likely grow at a 10.5 percent rate. How much should the stock price change (in dollars and percentage)? (Round your answers to 2 decimal places.)